Lease Marketing. (a) The Servicer shall provide and perform lease marketing services with respect to the Aircraft Assets and in connection therewith is authorized: (i) to negotiate and enter into any commitment for a lease of an Aircraft Asset on behalf of and (through a power of attorney) in the name of the relevant Person within the AFT Group (or, with respect to any Original Aircraft, the owner); and (ii) to include within any commitment for a Lease of an Aircraft Asset any intermediate Lease or Leases through any Person within the AFT Group that the Servicer deems reasonably necessary or appropriate. (b) The Servicer shall commence the negotiation of any commitment for a Lease or Leases of Aircraft Assets in a manner consistent with the practices employed by the Servicer with respect to its aircraft operating leasing services business generally and shall commence the drafting of, and negotiation with respect to, any Leases for Aircraft Assets on the following basis: (i) in the case of any proposed Lessee that is not and has not been a lessee of an aircraft managed or serviced by the Servicer, the Servicer shall commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on the form of lease agreement or agreements then used by the Servicer in connection with its aircraft operating leasing services business generally or, in the case of the Lease of the Airbus A320-200 Aircraft (with manufacturer's serial number 373) to TransMeridian Airlines, the Servicer shall commence the drafting of, and negotiation with respect to, such Lease based on the form provided by UniCapital to AFT pursuant to Section 5.03(f) of the Indenture (as either such form of lease shall be amended from time to time by the Servicer, the "Pro Forma Lease"); and (ii) in the case of any proposed Lessee that is or was a lessee of an aircraft managed or serviced by the Servicer, the Servicer may commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on a form of lease substantially similar to the lease
Appears in 1 contract
Lease Marketing. (a) The Servicer shall provide and perform lease marketing services with respect to the Aircraft Assets and in connection therewith is authorized:
(i) to negotiate and enter into any commitment for a lease of an Aircraft Asset on behalf of and (through a power of attorney) in the name of the relevant Person within the AFT Genesis Group (or, with respect to any Original Aircraft, the owner); and
(ii) to include within any commitment for a Lease of an Aircraft Asset and/or effect any intermediate Lease or Leases through any Person within the AFT Genesis Group that the Servicer deems reasonably necessary or appropriate.
(b) The Servicer shall commence the negotiation of any commitment for a Lease or Leases of Aircraft Assets in a manner consistent with the practices employed by the Servicer with respect to its aircraft operating leasing services business generally and shall commence the drafting of, and negotiation with respect to, any Leases for Aircraft Assets on the following basis:
(i) in the case of any proposed Lessee that is not and has not been a lessee of an aircraft managed or serviced by the Servicer, the Servicer shall commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on the form of lease agreement or agreements then used by the Servicer in connection with its aircraft operating leasing services business generally or, in the case of the Lease of the Airbus A320-200 Aircraft (with manufacturer's serial number 373) to TransMeridian Airlines, the Servicer shall commence the drafting of, and negotiation with respect to, such Lease based on the form provided by UniCapital to AFT pursuant to Section 5.03(f) of the Indenture (as either such form of lease shall be amended from time to time by the Servicer, the "“Genesis Pro Forma Lease"”); and
(ii) in the case of any proposed Lessee that is or was a lessee of an aircraft managed or serviced by the Servicer, the Servicer may commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on a form of lease substantially similar to the leaselease previously used with respect to such Lessee (the “Precedent Lease”). Provided that the Servicer commences the negotiation of a Lease of any Aircraft Asset in accordance with clauses (b)(i) and (b)(ii) above, the terms of any executed Lease may vary from the terms of the Genesis Pro Forma Lease or the Precedent Lease employed by the Servicer in accordance with such clauses. Section 3(b) shall not be applicable to the negotiation with respect to, or execution of, any Lease for Aircraft Assets in which negotiations commenced on or prior to the Closing Date. The Servicer is authorized to execute and deliver binding leases and related agreements on behalf of the relevant Person within the Genesis Group based on the foregoing procedures.
(c) Upon ten Business Days’ prior written notice from Genesis requesting a copy of the then current Genesis Pro Forma Lease (the “Annual Review”), the Servicer shall provide Genesis with a copy of its then current Genesis Pro Forma Lease, together with a copy thereof marked (with such marking to be accomplished only if, and to the extent, possible with the then current word processing software employed by the Servicer and, for the avoidance of doubt, not manually) to reflect changes from the version of the Genesis Pro Forma Lease from the Genesis Pro Forma Lease utilized previously or as of the Closing Date (a copy of which shall have been delivered to Genesis on or before the Closing Date) in the case of the first such Annual Review.
(d) The Servicer shall take such reasonable commercial actions as shall be reasonably necessary or appropriate to deliver any Aircraft Asset pursuant to the terms of the documentation of the Lease or Leases of such Aircraft Asset, including upon an extension of such Leases.
(e) The Servicer shall generally provide the marketing services set forth in this Section 3 through the use of its own marketing staff where it shall deem appropriate and shall utilize third parties to provide such marketing services where it shall deem appropriate.
Appears in 1 contract
Lease Marketing. (a) The Servicer shall provide and perform lease marketing services with respect to the Aircraft Assets and in connection therewith is authorized:
(i) to negotiate and enter into any commitment for a lease of an Aircraft Asset on behalf of and (through a power of attorney) in the name of the relevant Person within the AFT Group (or, with respect to any Original Aircraft, the owner)MSAF Group; and
(ii) to include within any commitment for a Lease of an Aircraft Asset any intermediate Lease or Leases through any Person within the AFT MSAF Group that the Servicer deems reasonably necessary or appropriate.
(b) The Servicer shall commence the negotiation of any commitment for a Lease or Leases of Aircraft Assets in a manner consistent with the practices employed by the Servicer with respect to its aircraft operating leasing services business generally and shall commence the drafting of, and negotiation with respect to, any Leases for Aircraft Assets on the following basis:
(i) in the case of any proposed Lessee that is not and has not been a lessee of an aircraft managed or serviced by the Servicer, the Servicer shall commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on the form of lease agreement or agreements then used to be agreed by the Servicer in connection with its aircraft operating leasing services business generally or, in the case parties following execution of the Lease of the Airbus A320-200 Aircraft (with manufacturer's serial number 373) to TransMeridian Airlines, the Servicer shall commence the drafting of, this Agreement and negotiation with respect to, such Lease based on the form provided by UniCapital to AFT pursuant to Section 5.03(f) of the Indenture attached hereto as Exhibit B (as either such form of lease shall be amended from time to time by the Servicer, subject to Section (c) of this Article 3 of this Schedule 2.02
(a) below, the "PRO FORMA LEASE") or with a form of lease agreement, the material provisions of which are generally economically and legally no worse from the point of view of the lessor than the Pro Forma Lease"); and
(ii) in the case of any proposed Lessee that is or was a lessee of an aircraft managed or serviced by the Servicer, the Servicer may commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on a form of lease substantially similar to the leaselease previously used with respect to such Lessee (the "PRECEDENT LEASE") or a Lease in the form set out in clause (b)(i) above. Provided that the Servicer commences the negotiation of a Lease of any Aircraft Asset in accordance with clauses (b)(i) and (b)(ii) above, the terms of any executed Lease may vary from the terms of the Pro Forma Lease or the Precedent Lease. Section (b) of this Schedule 2.02(a) of this Article 3 shall not be applicable to the negotiation with respect to, or execution of, any Lease for Aircraft Assets in which negotiations commenced on or prior to the Delivery Date for such Aircraft Asset. Subject to Section (c) of this Article 3 of this Schedule 2.02(a), the Servicer is authorized to execute and deliver binding leases and related agreements on behalf of the relevant Person within the MSAF Group based on the foregoing procedures. It is the intention of the parties that following the execution and delivery of any Lease with respect to Aircraft Assets the Servicer shall deliver a copy of the executed Lease, together with a copy thereof marked to reflect changes from the Pro Forma Lease or the Precedent Lease, as applicable, to MSAF within 25 Business Days of such execution and delivery (it being understood that in any event such executed (and marked) Leases shall be delivered in such a manner so as not to materially adversely impair MSAF's ability to satisfy its obligations with respect to the core lease provision requirements of any Indenture.
(i) On an annual basis, upon ten Business Days' prior written notice from MSAF (the "ANNUAL REVIEW"), the Servicer shall provide MSAF with a copy of its then current Pro Forma Lease, together with a copy thereof marked to reflect changes from the version of the Pro Forma Lease that was produced by the Servicer following the immediately preceding Annual Review to give effect to the terms of Section (c)(ii) of this Article 3 of this Schedule 2.02
(a) below (or from the Pro Forma Lease utilized as of the last Delivery Date in the case of the first such Annual Review.)
(ii) On or prior to each anniversary of the last Delivery Date and following the Annual Review, MSAF shall advise the Servicer in writing whether any provisions in the then current Pro Forma Lease that correspond to any core lease provisions or similar provisions are required in accordance with the terms of any Indenture to be deleted from such Pro Forma Lease and replaced with the provision corresponding thereto in the most recent Pro Forma Lease in which such provision was determined to be in accordance with the terms of such Indenture. Following any such written advice from MSAF, the Servicer shall amend the Pro Forma Lease accordingly and shall commence the negotiation of any Lease thereafter with the Pro Forma Lease as so amended in respect of any such provision.
(d) The Servicer shall deliver any Aircraft Asset pursuant to the terms of the documentation of the Lease or Leases of such Aircraft Asset, including upon an extension of such Lease or Leases.
(e) The Servicer shall generally provide the marketing services set forth in this Article 3 through the use of its own marketing staff where it shall deem appropriate and shall utilize third parties to provide such marketing services where it shall deem appropriate (it being understood that while the obligations set forth in Article 3 are, to the extent possible, generally anticipated to be discharged by the Servicer without resorting to third party service providers, the Servicer
Appears in 1 contract
Samples: Servicing Agreement (Morgan Stanley Aircraft Finance)
Lease Marketing. (a) The Servicer shall provide and perform lease marketing services with respect to the Aircraft Assets and in connection therewith is authorized:
(i) to negotiate and enter into any commitment for a lease of an Aircraft Asset on behalf of and (through a power of attorney) in the name of the relevant Person within the AFT Group (or, with respect to any Original Aircraft, the owner)GAL Group; and
(ii) to include within any commitment for a Lease of an Aircraft Asset and/or effect any intermediate Lease or Leases through any Person within the AFT GAL Group that the Servicer deems reasonably necessary or appropriate.
(b) The Servicer shall commence the negotiation of any commitment for a Lease or Leases of Aircraft Assets in a manner consistent with the practices employed by the Servicer with respect to its aircraft operating leasing services business generally and shall commence the drafting of, and negotiation with respect to, any Leases for Aircraft Assets on the following basis:
(i) in the case of any proposed Lessee that is not and has not been a lessee of an aircraft managed or serviced by the Servicer, the Servicer shall commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on the form of lease agreement or agreements then used by the Servicer in connection with its aircraft operating leasing services business generally orgenerally, in which form shall comply with the case of the Core Lease of the Airbus A320-200 Aircraft (with manufacturer's serial number 373) to TransMeridian Airlines, the Servicer shall commence the drafting of, and negotiation with respect to, such Lease based on the form provided by UniCapital to AFT pursuant to Section 5.03(f) of the Indenture Provisions (as either such form of lease shall be amended from time to time by the Servicer, the "“GAL Pro Forma Lease"”); and
(ii) in the case of any proposed Lessee that is or was a lessee of an aircraft managed or serviced by the Servicer, the Servicer may commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on a form of lease substantially similar to the leaselease previously used with respect to such Lessee (the “Precedent Lease”). Provided that the Servicer commences the negotiation of a Lease of any Aircraft Asset in accordance with clauses (b)(i) and (b)(ii) above, the terms of any executed Lease may vary from the terms of the GAL Pro Forma Lease or the Precedent Lease employed by the Servicer in accordance with such clauses. Section 3(b) shall not be applicable to the negotiation with respect to, or execution of, any Lease for Aircraft Assets in which negotiations commenced on or prior to the Closing Date. The Servicer is authorized to execute and deliver binding leases and related agreements on behalf of the relevant Person within the GAL Group based on the foregoing procedures.
(c) Upon ten Business Days’ prior written notice from GAL requesting a copy of the then current GAL Pro Forma Lease (the “Annual Review”), the Servicer shall provide GAL with a copy of its then current GAL Pro Forma Lease, together with a copy thereof marked (with such marking to be accomplished only if, and to the extent, possible with the then current word processing software employed by the Servicer and, for the avoidance of doubt, not manually) to reflect changes from the version of the GAL Pro Forma Lease utilized previously or as of the Closing Date (a copy of which shall have been delivered to GAL on or before the Closing Date) in the case of the first such Annual Review.
(d) The Servicer shall take such reasonable commercial actions as shall be reasonably necessary or appropriate to deliver any Aircraft Asset pursuant to the terms of the documentation of the Lease or Leases of such Aircraft Asset, including upon an extension of such Leases.
(e) The Servicer shall generally provide the marketing services set forth in this Section 3 through the use of its own marketing staff where it shall deem appropriate and shall utilize third parties to provide such marketing services where it shall deem appropriate, provided, that no such utilization shall release the Servicer from any of its obligations under the Servicing Agreement.
Appears in 1 contract
Lease Marketing. (a) The Servicer shall provide and perform lease marketing services with respect to the Aircraft Assets and in connection therewith is authorized:
(i) to negotiate and enter into any commitment for a lease of an Aircraft Asset on behalf of and (through a power of attorney) in the name of the relevant Person within the AFT LIFT Group (or, with respect to any Original Aircraft, the owner); and
(ii) to include within any commitment for a Lease of an Aircraft Asset any intermediate Lease or Leases through any Person within the AFT LIFT Group that the Servicer deems reasonably necessary or appropriate.
(b) The Servicer shall commence the negotiation of any commitment for a Lease or Leases of Aircraft Assets in a manner consistent with the practices employed by the Servicer with respect to its aircraft operating leasing services business generally and shall commence the drafting of, and negotiation with respect to, any Leases for Aircraft Assets on the following basis:
(a) TO SERVICING AGREEMENT
(i) in the case of any proposed Lessee that is not and has not been a lessee of an aircraft managed or serviced by the Servicer, the Servicer shall commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on the form of lease agreement or agreements then used by the Servicer in connection with its aircraft operating leasing services business generally or, in the case of the Lease of the Airbus A320-200 Aircraft (with manufacturer's serial number 373) to TransMeridian Airlines, the Servicer shall commence the drafting of, and negotiation with respect to, such Lease based on the form provided by UniCapital to AFT pursuant to Section 5.03(f) of the Indenture (as either such form of lease shall be amended from time to time by the Servicer, the "Pro Forma LeasePRO FORMA LEASE"); and
(ii) in the case of any proposed Lessee that is or was a lessee of an aircraft managed or serviced by the Servicer, the Servicer may commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on a form of lease substantially similar to the leaselease previously used with respect to such Lessee (the "PRECEDENT LEASE"). SCHEDULE 2.02(a) TO SERVICING AGREEMENT Provided that the Servicer commences the negotiation of a Lease of any Aircraft Asset in accordance with clauses (b)(i) and (b)(ii) above, the terms of any executed Lease may vary from the terms of the Pro Forma Lease or the Precedent Lease employed by the Servicer in accordance with such clauses. Section 3(b) shall not be applicable to the negotiation with respect to, or execution of, any Lease for Aircraft Assets in which negotiations commenced on or prior to the Closing Date. The Servicer is authorized to execute and deliver binding leases and related agreements on behalf of the relevant Person within the LIFT Group (or, with respect to any Original Aircraft, the owner) based on the foregoing procedures.
(i) Upon ten Business Days' prior written notice from LIFT (x) requesting a copy of the then current Pro Forma Lease and (y) specifying that such Pro Forma Lease is to be used for purposes of the annual review required pursuant to the terms of Section 5.03(f) of the Indenture (the "ANNUAL REVIEW"), the Servicer shall provide LIFT with a copy of its then current Pro Forma Lease, together with a copy thereof marked (with such marking to be accomplished only if, and to the extent, possible with the then current word processing software employed by the Servicer and, for the avoidance of doubt, not manually) to reflect changes from the version of the Pro Forma Lease that was produced by the Servicer following the immediately preceding Annual Review to give effect to the terms of Section 3(c)(ii) below (or from the Pro Forma Lease utilized as of the Closing Date (a copy of which shall have been delivered to LIFT on or before the Closing Date) in the case of the first such Annual Review).
(ii) On or prior to each anniversary of the Closing Date and following the Annual Review, LIFT shall advise the Servicer in writing whether any provisions in the then current Pro Forma Lease that correspond to the Core Lease Provisions are required in accordance with the terms of Section 5.03(f) of the Indenture to be deleted from such Pro Forma Lease and replaced with the provision corresponding thereto in the most recent Pro Forma Lease in which such provision was determined to be acceptable in accordance with the terms of Section 5.03(f) of the Indenture. Following any such written advice from LIFT, the Servicer shall amend the Pro Forma Lease
(a) TO SERVICING AGREEMENT accordingly and shall commence the negotiation of any Lease thereafter with the Pro Forma Lease as so amended in respect of any such provision.
(d) The Servicer shall take such reasonable commercial actions as shall be reasonably necessary or appropriate to deliver any Aircraft Asset pursuant to the terms of the documentation of the Lease or Leases of such Aircraft Asset, including upon an extension of such Leases.
(e) The Servicer shall generally provide the marketing services set forth in this Section 3 through the use of its own marketing staff where it shall deem appropriate and shall utilize third parties to provide such marketing services where it shall deem appropriate.
Appears in 1 contract
Samples: Servicing Agreement (Lease Investment Flight Trust)
Lease Marketing. (a) The Servicer shall provide and perform lease marketing services with respect to the Aircraft Assets and in connection therewith is authorized:
(i) to negotiate and enter into any commitment for a lease of an Aircraft Asset on behalf of and (through a power of attorney) in the name of the relevant Person within the AFT GFL Group (or, if applicable, with respect to any Original Aircraft, the owner); and
(ii) to include within any commitment for a Lease of an Aircraft Asset and/or effect any intermediate Lease or Leases through any Person within the AFT GFL Group that the Servicer deems reasonably necessary or appropriate.
(b) The Servicer shall commence the negotiation of any commitment for a Lease or Leases of Aircraft Assets in a manner consistent with the practices employed by the Servicer with respect to its aircraft operating leasing services business generally and shall commence the drafting of, and negotiation with respect to, any Leases for Aircraft Assets on the following basis:
(i) in the case of any proposed Lessee that is not and has not been a lessee of an aircraft managed or serviced by the Servicer, the Servicer shall commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on the form of lease agreement or agreements then used by the Servicer in connection with its aircraft operating leasing services business generally or, in the case of the Lease of the Airbus A320-200 Aircraft but reflecting any changes thereto required under clause (with manufacturer's serial number 373c)(ii) to TransMeridian Airlines, the Servicer shall commence the drafting of, and negotiation with respect to, such Lease based on the form provided by UniCapital to AFT pursuant to Section 5.03(f) of the Indenture below (as either such form of lease shall be amended from time to time by the Servicer, the "“GFL Pro Forma Lease"”); and
(ii) in the case of any proposed Lessee that is or was a lessee of an aircraft managed or serviced by the Servicer, the Servicer may commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on a form of lease substantially similar to the leaselease previously used with respect to such Lessee (the “Precedent Lease”). Provided that the Servicer commences the negotiation of a Lease of any Aircraft Asset in accordance with clauses (b)(i) and (b)(ii) above, the terms of any executed Lease may vary from the terms of the GFL Pro Forma Lease or the Precedent Lease employed by the Servicer in accordance with such clauses. Section 3(b) shall not be applicable to the negotiation with respect to, or execution of, any Lease for Aircraft Assets in which negotiations commenced on or prior to the Closing Date. The Servicer is authorized to execute and deliver binding leases and related agreements on behalf of the relevant Person within the GFL Group based on the foregoing procedures.
(i) Upon ten Business Days’ prior written notice from GFL (x) requesting a copy of the then current GFL Pro Forma Lease and (y) specifying that such GFL Pro Forma Lease is to be used for purposes of the annual review required pursuant to the terms of Section 5.03(f) of the Indenture (the “Annual Review”), the Servicer shall provide GFL with a copy of its then current GFL Pro Forma Lease, together with a copy thereof marked (with such marking to be accomplished only if, and to the extent, possible with the then current word processing software employed by the Servicer and, for the avoidance of doubt, not manually) to reflect changes from the version of the GFL Pro Forma Lease that was produced by the Servicer following the immediately preceding Annual Review to give effect to the terms of Section 3(c)(ii) below (or from the GFL Pro Forma Lease utilized as of the Closing Date (a copy of which shall have been delivered to GFL on or before the Closing Date) in the case of the first such Annual Review).
(ii) On or prior to each anniversary of the Closing Date and following the Annual Review, GFL shall advise the Servicer in writing whether any provisions in the then current GFL Pro Forma Lease that correspond to the Core Lease Provisions are required in accordance with the terms of Section 5.03(f) of the Indenture to be deleted from such GFL Pro Forma Lease and replaced with the provision corresponding thereto in the most recent GFL Pro Forma Lease in which such provision was determined to be acceptable in accordance with the terms of Section 5.03(f) of the Indenture. Following any such written advice from GFL, the Servicer shall amend the GFL Pro Forma Lease accordingly and shall commence the negotiation of any Lease thereafter with the GFL Pro Forma Lease as so amended in respect of any such provision.
(d) The Servicer shall take such reasonable commercial actions as shall be reasonably necessary or appropriate to deliver any Aircraft Asset pursuant to the terms of the documentation of the Lease or Leases of such Aircraft Asset, including upon an extension of such Leases.
(e) The Servicer shall generally provide the marketing services set forth in this Section 3 through the use of its own marketing staff where it shall deem appropriate and shall utilize third parties to provide such marketing services where it shall deem appropriate, provided, that no such utilization shall release the Servicer from any of its obligations under the Servicing Agreement.
Appears in 1 contract
Lease Marketing. (a) The Servicer shall provide and perform lease marketing services with respect to the Aircraft Assets and in connection therewith is authorized:
(i) to negotiate and enter into any commitment for a lease of an Aircraft Asset on behalf of and (through a power of attorney) in the name of the relevant Person within the AFT Company Group (or, if applicable, with respect to any Original Aircraft, the owner); andand SCHEDULE 2.02(a) TO SERVICING AGREEMENT
(ii) to include within any commitment for a Lease of an Aircraft Asset and/or effect any intermediate Lease or Leases through any Person within the AFT Company Group that the Servicer deems reasonably necessary or appropriate.
(b) The Servicer shall commence the negotiation of any commitment for a Lease or Leases of Aircraft Assets in a manner consistent with the practices employed by the Servicer with respect to its aircraft operating leasing services business generally and shall commence the drafting of, and negotiation with respect to, any Leases for Aircraft Assets on the following basis:
(i) in the case of any proposed Lessee that is not and has not been a lessee of an aircraft managed or serviced by the Servicer, the Servicer shall commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on the form of lease agreement or agreements then used by the Servicer in connection with its aircraft operating leasing services business generally or, in the case of the Lease of the Airbus A320-200 Aircraft but reflecting any changes thereto required under clause (with manufacturer's serial number 373c)(ii) to TransMeridian Airlines, the Servicer shall commence the drafting of, and negotiation with respect to, such Lease based on the form provided by UniCapital to AFT pursuant to Section 5.03(f) of the Indenture below (as either such form of lease shall be amended from time to time by the Servicer, the "“Company Pro Forma Lease"”); and
(ii) in the case of any proposed Lessee that is or was a lessee of an aircraft managed or serviced by the Servicer, the Servicer may commence the drafting of, and negotiation with respect to, a Lease for Aircraft Assets based on a form of lease substantially similar to the leaselease previously used with respect to such Lessee (the “Precedent Lease”). Provided that the Servicer commences the negotiation of a Lease of any Aircraft Asset in accordance with clauses (b)(i) and (b)(ii) above, the terms of any executed Lease may vary from the terms of the Company Pro Forma Lease or the Precedent Lease employed by the Servicer in accordance with such clauses. Section 3(b) shall not be applicable to the negotiation with respect to, or execution of, any Lease for Aircraft Assets in which negotiations commenced on or prior to the Closing Date. The Servicer is authorized to execute and deliver binding leases and related agreements on behalf of the relevant Person within the Company Group based on the foregoing procedures. All Leases shall contain the Core Lease Provisions, unless otherwise approved by the Company and the Policy Provider
(i) Upon ten Business Days’ prior written notice from the Company or the Policy Provider (x) requesting a copy of the then current Company Pro Forma Lease and (y) specifying that such Company Pro Forma Lease is to be used for purposes of the annual review required pursuant to the terms of Section 5.03(f) of the Indenture (the “Annual Review”), the Servicer shall provide the Company or the Policy Provider, as the case may be, with a copy of its then current Company Pro Forma Lease, together with a copy thereof marked to reflect changes from the version of the Company Pro Forma Lease that was produced by the Servicer following the immediately preceding Annual Review to give effect to the terms of Section 3(c)(ii) below (or from the Company Pro Forma Lease utilized as of the Closing Date (a copy of which shall have been delivered to the Company on or before the Closing Date) in the case of the first such Annual Review).
(ii) On or prior to each anniversary of the Closing Date and following the Annual Review, the Company shall advise the Servicer in writing whether any provisions in the then current The Company Pro Forma Lease that correspond to the Core Lease Provisions are required in accordance with the terms of Section 5.03(e) of the Indenture to be deleted from such The Company Pro Forma Lease and replaced with the provision corresponding thereto in the most recent The Company Pro Forma Lease in which such provision was determined to be acceptable in accordance with the terms of Section SCHEDULE 2.02(a) TO SERVICING AGREEMENT
Appears in 1 contract
